The Blockchain Bulletin March 29: SEC Drops Lawsuits Against Top Crypto Firms

Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we cover insights that hit the headlines in the past 24 hours. Amid strategic fund movements and new market entries, the U.S. Securities and Exchange Commission (SEC) has dismissed several lawsuits against major firms, including Crypto.com, Kraken, ConsenSys, and Cumberland DRW, signaling a broader adjustment in policy direction. 

Meanwhile, Galaxy Digital settled with the NY Attorney General for $200M over its role in the $LUNA collapse. The firm neither admitted nor denied violations for allegedly promoting the token. Further, Terraform Labs proposed to launch a Crypto Loss Claims Portal on March 31, wherein affected creditors can submit their claims from the Terra ecosystem failure. Notably, the last date of claims submission is April 30. 

In a surprise move, the US government transferred over $10.3 million in crypto to new wallets. According to data, the government had moved $97.34 BTC worth $8.52 million and 884.33 ETH worth $1.73 million, retaining $17.4 as balance. Notably, the transferred Bitcoin funds were seized from a ‘pig butchering scam’ executed by a Thai national, Wanpact Sae-Heng. 

Related: SUI Eyes Two Targets as TD Sequential Signals Bullish Move

On the other hand, Upbit suspended all new deposits on HIFI Coin, citing suspicion over its operations. Upbit placed HIFI Coin under review after spotting risks linked to its project and changes. From March 28 to April 11, 2025, no new deposits of HIFI will be accepted. If the issues surrounding the token are not resolved during this review period, Upbit may proceed to terminate its trading support for HIFI altogether.

The U.S. spot Bitcoin ETFs marked their tenth straight day of positive flows. SoSoValue recorded a net inflow of $89.06 million, raising cumulative net inflows to $36.34 billion since January. Despite a -0.30% price shift, Fidelity’s FBTC pulled in $97.14 million, offsetting outflows in other funds and helping maintain bullish sentiment. Further, Hong Kong launched its first tokenized money market ETFs on Friday. The ETFs will boost transparency and liquidity using blockchain technology on HashKey Chain. Notably, Nasdaq filed an application with the US SEC for approval on Grayscale’s AVAX ETF. 

On the market side, Berachain surged above 65%, with analysts predicting a breakout above the resistance, which could drive the token to $14. As of press time, BERA is trading at $7. On the contrary, a major $TRUMP token holder posted a $3.3 million loss after liquidating tokens at $10.66 each, accumulating $15.7 million in total losses—yet signaling plans to re-enter the market.

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Binance witnessed significant developments over the last 24 hours. After conducting its first ‘Vote to List’ campaign, the platform added four new tokens –  Mubarak (MUBARAK), CZ’s Dog (BROCCOLI714), Tutorial (TUT), and Banana For Scale (BANANAS31) – on Friday. These tokens, listed with zero fees and marked with Seed Tags, reflect Binance’s new participatory approach in listing decisions. Further, Binance Launchpool introduced GUNZ (GUN), a new Layer-1 blockchain by Gunzilla Games tailored for AAA gaming integration. Token farming began on March 28, involving staking of BNB, FDUSD, or USDC. 

Meanwhile, the Sei Foundation has proposed to secure the genetic data of 15 million users by integrating the firm 23andMe onto its blockchain. With this, the Sei Foundation allows users to control, protect, and profit from their data, setting a bold precedent for ethical data ownership in the age of decentralized tech. 

With these developments, the crypto industry is witnessing major regulatory shifts, market surges, and innovative blockchain applications. From SEC dismissals to Binance’s new listings and Sei’s genetic data initiative, the space continues to evolve rapidly, balancing compliance, investor interest, and groundbreaking use cases in decentralized finance and digital asset management.

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